This isn’t just a West Coast America phenomenon. China’s Tencent, a property company, is more extreme. It has little more than $1bn in fixed assets but a market value of $180bn. Office properties are, after all, both less glamorous and less expensive in Shenzhen than in Silicon Valley.
Tencent’s many services include social network, web portals, e-commerce, and multiplayer online games. Its offerings include the well-known (in China) instant messenger Tencent QQ and one of the largest web portals in China, QQ.com. Mobile chat service WeChat has helped bolster Tencent’s continued expansion into smartphone services.
It is one of the largest Internet companies in the world. Tencent’s JD.com competes with Amazon, Google, Ebay, Facebook and Alibaba.
His underlying idea, that companies are now fixed asset light (or at least, some of them are) is true and interesting. His command of detail a little less so.